24 November 2016
2016- n° 305In November 2016, the French business climate is unchanged Business climate indicator and turning point indicator - November 2016
In November 2016, the business climate indicator stands at 102, as in October. Since August 2015, the composite indicator, compiled from the answers of business managers in the main sectors, has been greater than or equal to its long term mean (100). The climate has gained four points in retail trade, tree points in building construction, one point in services. It is stable in manufacturing. However, it has lost two points in wholesale trade.
The French business climate holds steady above its long term mean
In November 2016, the business climate indicator stands at 102, as in October. Since August 2015, the composite indicator, compiled from the answers of business managers in the main sectors, has been greater than or equal to its long term mean (100). The climate has gained four points in retail trade, tree points in building construction, one point in services. It is stable in manufacturing. However, it has lost two points in wholesale trade.
graphiqueGraph1 – French business climate composite indicator

Revisions
Because of late answers, the business climate indicator of October 2016 in France has been slightly raised compared to its first estimation and the rounded figure has switched to 102. In particular, the manufacturing industry index has been revised upwards by one point. The business climate indicator of September 2016 in wholesale trade has been lowered because of updated coefficients for seasonal adjustement.
tableauTable – Business climate and turning point indicators
July 16 | Aug. 16 | Sept. 16 | Oct. 16 | Nov. 16 | |
---|---|---|---|---|---|
Composite indicators | |||||
France | 102 | 101 | 101 | 102 | 102 |
Manufacturing | 103 | 101 | 103 | 103 | 103 |
Building construction | 95 | 95 | 96 | 96 | 99 |
Services | 101 | 101 | 102 | 101 | 102 |
Retail trade | 104 | 103 | 102 | 100 | 104 |
Wholesale trade | 103 | - | 98 | - | 96 |
Turning point indicators | |||||
France | 0.1 | –0.2 | 0.6 | 0.2 | 0.3 |
Manufacturing | 0.0 | –0.1 | 0.2 | 0.3 | 0.4 |
Building construction | 0.7 | –0.4 | 0.2 | –0.2 | 0.3 |
Services | 0.2 | –0.4 | –0.2 | –0.4 | –0.2 |
Wholesale trade | 0.3 | - | –0.4 | - | –0.1 |
- Source: INSEE, Business tendency surveys
graphiqueGraph2 – Turning point indicator

- Close to +1 (resp. −1): favourable business climate (unfavourable), between +0.3 and −0.3: uncertainty area.
The turning point indicator for the French economy as a whole remains in the area showing an uncertain short-term economic outlook.
Documentation
Methodology (pdf,125 Ko)